Five Highlights in Improving Quality in China’s Foreign Trade Stability! (Novice Collection)

Statistics released by the General Administration of Customs on October 14 show that China’s total import and export value in the first three quarters of this year was 22.91 trillion yuan, up 2.8% over the same period last year.

Five Highlights in Improving Quality in China's Foreign Trade Stability! (Novice Collection)
Five Highlights in Improving Quality in China’s Foreign Trade Stability! (Novice Collection)

“Since the beginning of this year, the growth of international economy and trade has slowed down, and the external environment has become more complicated and severe. In the first three quarters of this year, China’s foreign trade import and export continued to grow and its structure continued to be optimized.” Li Kuiwen, spokesman of the General Administration of Customs and director of the Statistics and Analysis Department, said at a press conference of the State New Office.

Stable growth and strong resilience Since this year, the growth of the world economy has slowed down and trade protectionism continues to heat up, but China’s foreign trade has maintained a strong resilience. 7.01 trillion yuan, 7.66 trillion yuan, 8.24 trillion yuan … in the first three quarters, the overall foreign trade operation was stable, and the import and export scale showed a trend of increasing quarter by quarter.

According to the latest data released by WTO, from January to July this year, China’s import and export growth rate was still higher than that of Germany, Japan, South Korea and other countries. China still maintained its position as the world’s largest country in goods trade, accounting for 0.1 percentage point higher than that of the same period last year.

Li Kui Wen told reporters that the factors supporting the smooth operation of China’s foreign trade in the first three quarters of this year are mainly three aspects:

First, the steady operation of the domestic economy has provided strong support for China to cope with external risks and realize the continuous growth of foreign trade. Since the beginning of this year, China’s economic operation has been generally stable, structural adjustment has been steadily advancing, and reform and opening-up have been comprehensively deepened.

Second, the policy effect will continue to be released. Since last year, China has raised the export tax rebate rate of some products twice, successively issued a series of independent tariff reduction policies, and successively lowered the value-added tax rate on import links twice. This series of measures has effectively stimulated the vitality of market players. In the first three quarters of this year, China’s imports of consumer goods increased by 15.3%. The number of enterprises with import and export records reached 464,000, up 5.9% year on year. The business environment has been continuously optimized and the level of trade facilitation has been greatly improved. In the first three quarters, the overall customs clearance time for China’s imports and exports has been shortened by 56.4% and 64.7% respectively compared with 2017.

Third, market diversification has achieved remarkable results. Since this year, China has launched a series of major measures to open up to the outside world, promoting a new round of high-level opening up to the outside world, accelerating the formation of a new situation of opening up to the outside world, and providing confidence and confidence for enterprises to actively explore new markets and optimize the global market layout. With the steady progress of the construction of “the belt and road initiative”, China’s economic and trade cooperation with the countries along the line is closer and trade exchanges are more active. In the first three quarters of this year, China’s total import and export value to countries along the “the belt and road initiative” was 6.65 trillion yuan, up 9.5% year on year, 6.7 percentage points higher than the overall growth rate of China’s foreign trade in the same period, accounting for 29% of China’s total import and export value in the same period, up 1.8 percentage points from the same period last year and 4 percentage points higher than the year when the “the belt and road initiative” initiative was put forward in 2013. In the first three quarters of this year, the trade volume between China and Africa increased by 7.5% year on year, 4.7 percentage points higher than the overall growth rate of foreign trade.

The trend of improving quality during stabilization is obvious.

The leading role of general trade is more obvious. The leading role of private enterprises is more prominent. The pattern of regional foreign trade has been more optimized. The development of special customs supervision areas is faster. The structure of import and export commodities has been further optimized … While the scale is continuously expanding, China’s foreign trade has also made positive progress in high-quality development, with a clear trend of improving quality while maintaining stability.

Li Kui Wen specifically analyzed the five highlights of improving quality in China’s foreign trade stability:

In the first three quarters, the import and export of China’s general trade pattern increased by 4.8%, 2 percentage points higher than the overall growth rate of foreign trade, accounting for 59.5% of China’s total foreign trade value, with the proportion rising by 1.1 percentage points. General trade mode has a long domestic industrial chain for import and export, which can better reflect the independence of China’s foreign trade.

Under the favorable policies of tax reduction and fee reduction, private enterprises have shown stronger vitality and have become the main force driving the growth of China’s foreign trade. In the first three quarters, the import and export of China’s private enterprises increased by 10.4%, 7.6 percentage points higher than the overall growth rate of foreign trade, accounting for 42.3% of China’s total foreign trade value, with the proportion rising by 2.9 percentage points. Among them, exports increased by 13%, accounting for more than half of China’s export value.

Since this year, China’s regional strategy has been steadily implemented. Major strategies such as the coordinated development of Beijing, Tianjin and Hebei, the development of the Yangtze River Economic Belt, the high-quality development of the integration of the Yangtze River Delta, the construction of Guangdong, Hong Kong, Macao and the Great Bay Area, and the overall deepening of the reform in Hainan have been advanced in depth. Ecological protection and high-quality development in the Yellow River Basin have also become major national strategies, greatly promoting the coordinated development of China’s foreign trade. In the first three quarters, the import and export of the central and western regions increased by 12.4% and 11.8% respectively, accounting for 0.6% and 0.7% of China’s foreign trade respectively.

The special customs supervision area is the forefront of China’s opening to the outside world. At the beginning of this year, the State Council issued a number of opinions to promote the high-level opening and high-quality development of the comprehensive bonded area, which effectively promoted the development of the comprehensive bonded area. In the first three quarters, the import and export of the comprehensive bonded area increased by 12.9%, accounting for 0.7% of China’s foreign trade.

A series of policies to form a strong domestic market have been implemented and the potential for domestic demand has been continuously released, providing endogenous impetus for China to actively expand imports and optimize the structure of imported commodities. In the first three quarters, imports of consumer goods for people’s livelihood grew rapidly. At the same time, the domestic supply-side structural reform continued to push forward, with positive progress in industrial upgrading, promoting the continuous optimization of China’s export commodity structure.

The development trend of China’s foreign trade will not change.

The OECD expects world economic growth to fall to its lowest level in a decade this year. The latest WTO report continues to lower the growth rate of global trade in goods, predicting a growth of only 1.2% in 2019, 1.8 percentage points lower than the 3% in 2018 and lower than the global economic growth expectation.

“The external environment facing China’s foreign trade development in the future is still complex and grim, with more unstable and uncertain factors. However, China’s foreign trade development is resilient, and the general trend of optimizing foreign trade structure and accelerating power conversion has not changed. Foreign trade will continue to maintain a generally stable and steady development throughout the year.” Li Kuiwen said in response to a reporter’s question.

Customs statistics show that the total value of Sino-US bilateral foreign trade in the first three quarters of this year was 2.75 trillion yuan, down 10.3% year on year.


Original Artical,Author:China Trade Agent,if repost,please give references :

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